EUR / USD: targeting the 1.0500 in anticipation of the ECB
The dollar regained ground against all of its major currency rivals during the past few hours, and EUR / USD has gone to fresh 4-day lows near 1.0529, which now trades.This week, the pair continued to decline. Currently, correction of Friday rally is 75%. The weakness of the pair is connected, basically, with the resumption of the rally in Treasuries, markets confidence that the Fed will raise rates at its meeting on March 14-15, in some extent, confirmed yesterday published strong employment data from ADP. The yield on 2-year Treasuries, reflecting the short-term market expectations for Fed rate trading higher by nearly 1% and going to test near 1.378% highs in 2009.
Today, the market's attention is aimed at the ECB meeting, after which a press conference the head of the bank, Mario Draghi. That the regulator is expected to maintain the status quo, but in light of the upcoming elections in the Netherlands and France, should closely monitor the rhetoric Draghi. Moreover, given the rise in inflation and a stable production data, the ECB can give an optimistic assessment of the economy.
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